Gold Price Surges to New Highs, But Faces Resistance Ahead
Gold’s recent surge above $1,760 shattered bearish signals, hitting an all-time high of $1,790 before the Non-Farm Payroll report. However, prices unexpectedly dropped below $1,767, causing concern for long positions. Resistance lies at $1,744/$1,748, with potential highs at $1,765/$1,770.
On the downside, support is at $1,718/$1,714, with further targets at $1,698/$1,695 and $1,685/$1,680 if $1,708 is broken.
Silver Struggles as Support Breaks
Silver broke support at $3,380/$3,370, with targets at $3,233/$3,238 and potentially down to $3,180/$3,160. Resistance is at $3,280/$3,300, with shorts needing stops above $3,310.
WTI Crude Sees Gap Close and Resistance
WTI crude broke above $69.25, targeting $69.90 and $70.80. Strong resistance is at $70.80/$71.10, with potential lows at $68.90/$68.80 if $71.50 is broken.
In summary, gold is facing resistance at $1,744/$1,748 with support at $1,718/$1,714. Silver struggles with support broken at $3,380/$3,370, while WTI crude targets $69.90 and $70.80 with resistance at $70.80/$71.10. Keep an eye on key levels for trading opportunities.